There are a lot of bankruptcy myths floating out there. Between uninformed people and the powerful tool of the Internet that amplifies their words, we’ve found that a lot of people have certain false preconceptions about bankruptcy that prevent them from seeking help. One of the most common bankruptcy myths is that you’ll never bounce back from bankruptcy. False.
Why You’ll Come Through
When you file for bankruptcy, you will have a future, you will make money again, and you will have a happy life once again. Anyone who tells you otherwise is using a scare tactic that is not only harmful, but also plainly false.
When you file for bankruptcy, you don’t lose everything you have. If you lost your home, every worldly possession, and every cent to your name, then, yes, it would be rather hard to have a bright future. However, the bankruptcy process does not… “bankrupt” you. You’re still left with your home and vehicle (up to certain dollar amounts), your clothing and household goods, and some of your assets.
Because bankruptcy is designed to help you wipe the slate clean and start over, it wouldn’t make any sense for the courts to seize all of your property. Additionally, seizing and selling some of your property won’t even be worth it to your creditors, which means it safely remains in your possession.
Don’t let this or any other bankruptcy myths get under your skin. If you’re facing serious financial hardships, bankruptcy can be a great way out!